So what's the big fuzz about Pi Network ?
They claim to be the first mobile mining crypto coin. However Electroneum started in 2017 and also allows mobile mining. And so does Phoneum and few others. Is it really mining? No. The same as with Electroneum, mining Pi, does not consume resources from your mobile. However at every 24 h you have to check in by pressing the mining button or else the so called mining stops.
Pi Network can be joined only by being invited by a trusted member.
You can join the beta and help sustain the Network. To join the Pi Network, follow this link and use my invitation code: ( solohkann ).
So if you are interested in using and also gaining Pi every hour, within the PI Network , feel free to download the app here and start mining.
You can't create an account without an invitation code to join the Pi Network. Using the invitation code: solohkann will allow you to register via your phone number or via your Facebook account.
Electroneum requires the same thing but on a weekly basis. So is it Minepi or Pi Network the first mobile mining crypto coin? Certainly not. However it has almost 1 million mining members called pioneers, ambassadors .... 1 million ! In about 6 months time. Electroneum which started in 2007, has only 200k active miners. So what does Pi to attract so many miners? It only works on invitation. And the more you invite the more Pi are produced per hour. It seems that this worked as a great incentive for miners to invite more and more people to mine Pi. Think of it as each person invited represents a video card on your mining rig. No matter their marketing model, the guys at Minepi, did their job well. The network will have 1 million miners in less then a month and the Pi reward is halving again. The second time since it started. When the network reaches 100 million members, the mining will stop, and the only way to obtain the Pi coin will be by buying it.
Regarding the PI economic model, is still unclear for many people what it looks like.
So I’ll try to clarify that.
The team tries to induce a sense of scarcity and at the same time to insure a fair and large distribution, in a way that no large amounts of Pi will end up in the hands of a few.
The total supply of the coin is made the mobile mined coins, the referrals derived, and the developers rewards. Actually there is a formula that clarifies all that.
Total Max Supply = M + R + D
M = total mining rewards
R = total referral rewards
D = total developer rewards
M = ∫ f(P) dx where f is a logarithmically declining function
P = Population number (e.g., 1st person to join, 2nd person to join, etc.)
R = r * M
r = referral rate (50% total or 25% for both referrer and referee)
D = t * (M + R)
t = developer reward rate (25%)
To make it simple, the total supply are the coins mined by the first 100 million miners that join the Pi Network. So the total supply is not fixed, but dependent on the number of miners that join the Network. And keep in mind, that there will be a KYC, in order to exclude fake users and of course farmers. The coins produced by those, will be burned.
Also, another unclear aspect of the Pi Network is the governance system.
So, I’ll explain that shortly.
Because Pi is still in Beta, and because the team’s target is 100 million users, they decided that until the network reaches 5 million members, there will be a provisional governance model, very similar to off chain models of Ethereum and Bitcoin. Thus the team itself will have a major role to play, relying also on the community, by asking its input when decisions are to be made.
The team plans for the future, are a liquid democracy, in which each member (pioneer) has the right to vote on each issue or pass his right to vote to another member.
Another question asked about Pi is on what protocol is built. The answer is on Stellar consensus protocol. Actually is an adaptation to it, allowing devices from mobiles to pC’s to contribute to protocol and get rewarded.
For the future, the Pi Network plans to run nodes, and allow the users to install them on a pc or laptop.
Looking at the way the Pi Network evolves and grows , it resembles the new Bitcoin, that most of us are regretting not mining, back in 2009.
I've made an introductory video about it. Please enjoy.